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Author Topic: Banks hope to issue their own "bitcoins" to fight BTC  (Read 580 times)
virtualdn
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January 14, 2021, 11:46:07 AM
Last edit: January 14, 2021, 12:13:23 PM by virtualdn
 #1

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin' Cheesy

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January 14, 2021, 11:54:47 AM
Merited by virtualdn (3)
 #2

There is nothing to fight about this, CBDC will just be a modern era fiat, nothing will be different, it will be manipulated by individual countries that owns it, very possible it will be subjected to increasing supply in a way it will be able to be devalued just like fiat, we do not yet know more about CBDC but it is certain and clear that it will be nothing different form how fiat operates and will be privacy-depriving cryptocurrencies.

Bitcoin is not just a digital currency, CBDC will be digital currencies only which will be inflationary, but unlike Bitcoin that is also a digital asset, people will prefer it to others because it is the alternative to gold and will appreciate.





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avikz
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January 14, 2021, 12:00:21 PM
 #3

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

I don't think there is anything to fight at all! Every country will slowly move to CBDC because it comes with a host of benefits to the issuing country. No printing cost, complete surveillance on people's finance, environment friendly and so on. So it's no wonder that CBDC will eventually take over the mainstream financial world.

But does it compete with Bitcoin? Never and ever! Digitization of a currency doesn't make it a cryptocurrency. CBDCs will remain as a fiat even if the form changes! What to fight??

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January 14, 2021, 12:00:39 PM
 #4

Honestly who would care about their digital money since they are the same thing as their currencies?

I think that you are misled. They will be launching their own USDT, not Bitcoin. And they have quite a good chance for success. People would trust easier a government than a problematic company. And the central banks can easily charge some fees that used to go into VISA/Mastercard pockets. And obviously they'll also gain the control they are longing for.

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January 14, 2021, 12:01:25 PM
 #5

Maybe in the future there will be hybrid cryptos, 33% pegged to the dollar, 33% to bitcoin, 33% to gold for example.

Almost like a currency ETF for those who can't be bothered thinking about it all very much Smiley

(just a thought, ahem)
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January 14, 2021, 12:02:28 PM
Merited by virtualdn (6)
 #6

Any institution can launch their own digital currency but it could never replace bitcoin as bitcoin is unique, it's decentralized and cannot be controlled by the state. People are investing on bitcoin because they want freedom and it's happening, adoption is increasing and price is the evidence to that.




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January 14, 2021, 12:37:01 PM
 #7

One thing I like about bitcoin is the supply, it is very finite/limited, I remember in economics that the high the supply of anything that the lower the value of such thing will be, but bitcoin is not like that, bitcoin has a limited supply which is just 21 million and nothing can change this. Bitcoin is developed with open source codes, which makes everything to be be transparent about bitcoin, no manipulation from any central body because it is not countrolled by any central body but it is decentralized all ways, it is only countrolled by people according to how they buy and sell it. The finite number of bitcoin total supply makes bitcoin to have great value, that is why people are now buying it, institutional bodies are not left out but are now involving themselves and investing heavily in bitcoin, this has just been the evolution of institutions investing in bitcoin while the adoption continues.

CBDC will not be a transparent cryptocurrencies because it will be controlled by central body which are the governments but people will think it is transparent, it is still at its early age to draw conclusion but it will not be transparent in a way the fiat are not totally transparent but be manipulated. It will not surprise me if CBDC is used also in money laundering and terrorism, but it will have its value. But it will have some disadvantages like the asset of people may be known and be disclosed to the public while the governments will be using it to bully people in a way they will be freezing people's CBDC the way they like in case of anything happen.  CBDC will be successful but bitcoin is better for privacy, privacy is very important which CBDC can not give. It is government that will say they will let citizens to have privacy, but they are really making citizens not to have privacy. CBDC is another source the governments will continue to manipulate people. Although, it will be good but bitcoin will be safer.

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January 14, 2021, 12:48:08 PM
 #8

Those 21M BTC everyone is talking about are probably around 15M coins the rest are lost forever/not mined yet. This make it even more attractive.

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January 14, 2021, 12:52:10 PM
 #9

CBDCs are not bitcoin and your title is not correct. CBDCs are as bad as alternative cryptocurrencies or they can be consider worse than altcoins. Altcoins are centralized by their developers, teams but CBDCs are centralized and all controlled by governments, laws regulations, banks and you don't own your own bank obviously.

With altcoins, you can naively believe that you own your own bank but with CBDCs, no, 100% no.

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January 14, 2021, 12:58:01 PM
 #10

CBDCs are not bitcoin and your title is not correct. CBDCs are as bad as alternative cryptocurrencies or they can be consider worse than altcoins. Altcoins are centralized by their developers, teams but CBDCs are centralized and all controlled by governments, laws regulations, banks and you don't own your own bank obviously.

With altcoins, you can naively believe that you own your own bank but with CBDCs, no, 100% no.

I said "bitcoins" not bitcoins.

1 BTC = 1 BTC
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January 14, 2021, 01:05:54 PM
Merited by virtualdn (15)
 #11

The banks are a little too late. Imagine being able to transact anywhere in the world without any intermediary on your transactions. No matter what the purpose is, it's quite easy compared to other modes of payment. For sure, the country's have amazing companies that handle financial services digitally but it is not that friendly with other countries and that's where cryptocurrencies shine.

No matter what banks produce, CBDC's or whatnot, it's not going to be globally accepted unlike crypto.





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January 14, 2021, 01:29:56 PM
 #12

I'm pro-Bitcoin, but I don't think the fight is won, by no means. The vast majority of people are still using fiat, and cryptos are used by what, 3% of the population of Earth? So the banks are probably calculating how much they can save on international transfers and on big transactions if they implement their own crypto tokens, and they will also look like they're progressive and adopting the best new technologies. I'm not sure if many would be interested in this, but some certainly will. Those people who use fiat now, but keep hearing about cryptocurrencies as the new trend can be willing to switch to centralized "cryptocurrencies" which are not as volatile as decentralized cryptos (and traditionally, people fear volatility), but still offer some features of the new tech thanks to blockchain.

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January 14, 2021, 01:52:06 PM
 #13

It's a false fight they will likely win, honestly, from an average person's perspective. People care about how easy it is to transact, not how decentralized the network is. Once they get the digital USD that is 100% stable (besides inflation) at all times and instant to send and receive, they won't care about Bitcoin's existence much anymore. The average person's mind is what cmatters, not the smaller community's (ours)... unfortunately.

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January 14, 2021, 02:07:41 PM
Merited by virtualdn (9)
 #14

It won't work. They have no chance to compete with BTC.

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January 14, 2021, 02:14:54 PM
 #15

CBDC is not a competitor of Bitcoin, it's a competitor of Visa/Mastercard. Everyone hates bank transfers because they take so long and only available at bank hours, so Visa/Mastercard became the default payment method in the whole world thanks to their nearly instant transactions and 24/7 availability. But banks and merchants and governments aren't exactly happy with it, because they are paying for that, and some are unhappy that foreign companies control such a big part of the economy.

Now central banks and private banks are experimenting with creating their own payment systems that mimic Bitcoin to cut the middlemen. But if this system will be too inconvenient to use, consumers will still stick with Visa/Mastercard.

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Becky666
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January 14, 2021, 02:29:05 PM
 #16

Those 21M BTC everyone is talking about are probably around 15M coins the rest are lost forever/not mined yet. This make it even more attractive.
Yeah, this is what the CBDCs won't be interested in becasue of their selfishness. Sincerely, no matter what these Banks might be planing right now won't be in anyway a disadvantage to Bitcoin existence, what i see with these CBDCs digital coins won't be far different from the fiats which in time will be more worse, so, with Bitcoin; we are now wiser than them(governments).

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January 14, 2021, 02:32:26 PM
Last edit: January 15, 2021, 03:02:40 PM by xenon131
 #17

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin' Cheesy

CBDC would be fully centralized and its value would depend on the will of the local authorities, while  BTC is designed to be  fully decentralized  and valued globally. That the main difference between two and, IMO, they will exist in parallel not intersecting each other. The existence of any bridge between them is hard to imagine.

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January 14, 2021, 02:50:16 PM
 #18

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

It is not a stupid move, it is more a move by desperate people trying to maintain the existing financial system by modernizing it through digitalisation. Each country will sooner or later have its own digital version of fiat, and the Chinese are closest to that after conducting very extensive testing last year - while the digital Euro will probably wait another few years.

There is no doubt that people will still use the CBDC because governments will completely eliminate the classic method of payment - just as they use existing methods of payment today. Bitcoin is just one alternative, but globally it is not used by even 1% of people so far - because they do not understand it, and governments suggest that it is something bad and risky.

State money will always be state money, and most people are too afraid of the government and its mechanisms to simply say - "We don't want you CBDC, we want BTC".

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January 14, 2021, 02:52:37 PM
 #19

Why do you call these digital tokens "Bitcoin"? They are digital tokens based on central databases, and those may not be based on the blockchain.
 
The world is developing and change for paper money has been transformed into physical forms until these have changed, and then we must convert to digitization, especially since many people use phones and electronic devices.

I do not think that the digital transformation will be quick because there are still many who have not used banks.





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Ucy
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January 14, 2021, 02:55:31 PM
 #20

Guess you mean "hope to issue Central Bank Digital Currency (CBDC)"

I wonder why the article calls Bitcoin "Private Cryptocurrency" though. Does the writer mean  "Privacy cryptocurrency (Privacy-coin)" or is he/she trying to say that Bitcoin is a Private (rather Public) coin?  I wish the writer could clerify this so people don't get confused.

Bitcoin is clearly a Public Cryptocurrency with fair degree of privacy/anonymity for users. It's a transparent and open/public cryptocurrency. I wonder if CDBC can beat this standard, to become more public, transparent, safe decentralized, etc...



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